(a) There is established in the Treasury of the Government of the Virgin Islands a fund to be known as The Teacher Recruitment and Training Fund, hereinafter the “Fund”. The Commissioner of Finance shall provide for the administration of the Fund as a separate and distinct fund in the Treasury of Government of the Virgin Islands, and no funds therein shall be available for expenditure except as provided in this section.
(b) The following monies shall be deposited into the fund:
(1) Monies appropriated by the Legislature from time to time;
(2) Monies from federal grants and aid; and
(3) All gifts and bequests.
(c) The Commissioner of Education shall, identify, seek and obtain federal grants that may be available to carry out the mandates of this section. On or before August 1 of each year, beginning with fiscal year 2002, the Commissioner of Education shall submit to the Governor and to the Legislature, and make available for public distribution, a report setting forth the extent to which the Department of Education is obtaining and utilizing the federal grants.
(d) To the extent that sufficient funds are available, such funds shall be expended to implement the provisions of the Teacher Recruitment and Training Act of 2001 no later than September 1, 2001.